Edgewood Commons Condo

Key facts from Edgewood Commons Condo's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Title and throughout)

Legal name

EDGEWOOD COMMONS CONDOMINIUM ASSOCIATION (Section 1.02)

Units / lots

Not explicitly stated; references to Units A, B, C, D suggest at least four (Section 1.11(d))

Developer / declarant

EDGEWOOD CONSTRUCTION, L.L.C., an Illinois limited liability company (Section 1.13)

Governing law

Condominium Property Act of the State of Illinois (Section 1.01)

Assessments & dues

Board adopts budget by Nov 1; monthly payment = 1/12 of Annual Assessment multiplied by Unit's Undivided Interest (Section 6.03(d), 6.04)

Special assessments

Board may levy; if greater of $500 or 5x most recent monthly assessment per Unit, requires 66-2/3% vote of Voting Members (Section 6.06)

Collections & liens

Assessments become continuing lien on Unit Ownership; Board may foreclose (Sections 6.01, 6.09, 7.05)

Reserves & fees

Capital Reserve for capital expenditures; built up by special assessment or Annual Assessment; periodic review of useful life (Section 6.07)

Pets

Allowed in Units subject to Board rules; no animals in Common Elements (Section 3.10)

Leasing & rentals

Yes, any Owner may lease all or any part of Unit without Board consent (Section 11.01)

Parking & vehicles

Small vans and pick-up trucks allowed for overnight parking (Section 3.12: 'automobiles, small vans a)

Architectural approval

Yes, for additions/alterations to Common Elements; for Unit alterations, plans must be submitted to Board prior to work (Section 3.03(a) and (b))

Home business

Not prohibited but restricted to office/warehouse/industrial use; no residential (Section 3.05)

Signs & flags

Board maintains building identity sign; Owners may maintain signs on entry door in form prescribed by rules; no other solicitation or advertising signs without Board authorization (Section 3.09)

Maintenance

Not explicitly assigned; interior surface of perimeter walls/ceilings/floors are Exclusive Limited Common Elements; structural components not part of Unit (Sections 1.11(b), 1.20(a))

Insurance

Fire and extended coverage insurance on Common Elements and Units at full insurable replacement cost (Section 5.01)

Use restrictions

No noxious or offensive activity; nothing shall be an annoyance or nuisance (Section 3.12)

Voting & meetings

One membership per Unit Ownership; one Voting Member designated per Unit (Section 4.02)

Amendments

By affirmative vote of 75% of Voting Members or unit owners; certain amendments require Developer consent, First Mortgagee consent; special amendments by Developer/Declarant under Section 25 of Act (Article Nine)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.